Common use of PURCHASE AND TERMINATION OF THE TRUST Clause in Contracts

PURCHASE AND TERMINATION OF THE TRUST. Section 11.1 Termination of Trust Upon Repurchase or Liquidation of All Mortgage Loans. (a) The obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 and other than the obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the Trust in accordance with Section 11.1(b), (iii) the termination of the Trust pursuant to Section 11.1(c) below or (iv) voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class R Certificates) for the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d) below; provided that in no event shall the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Jxxxxx X. Xxxxxxx, the late Ambassador of the United States to the Court of St. Jxxxx, living on the date hereof. If on any date the Aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a percentage of the initial Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date equal to (i) 3.50% (if the Hotel Oceana Santa Mxxxxx Mortgage Loan, but not the Fortress Self Storage Mortgage Loan, is included in the Trust on such date), (ii) 1.50% (if the Fortress Self Storage Mortgage Loan, but not the Hotel Oceana Santa Mxxxxx Mortgage Loan, is included in the Trust on such date), (iii) 4.00% (if both the Hotel Oceana Santa Mxxxxx Mortgage Loan and the Fortress Self Storage Mortgage Loan are included in the Trust on such date), or (iv) 1.00% (if neither the Hotel Oceana Santa Mxxxxx Mortgage Loan nor the Fortress Self Storage Mortgage Loan are included in the Trust on such date), the Master Servicer shall give the Trustee, the Custodian, the Certificate Administrator and the 17g-5 Information Provider notice of such date. The Certificate Administrator shall promptly forward such notice to the Trustee, the Custodian, the Depositor, the Holders of a majority of the most subordinate Class of REMIC III Regular Certificates or Exchangeable Certificates then outstanding (for this purpose considering each Class of the Class A-S, Class B and Class C Certificates together with the portion of the Class PST Certificates representing an interest in the EX XXXXX III Regular Interest bearing the same alphabetic designation), the Special Servicer, the Master Servicer and the Holders of the Class R Certificates. The Holders of a majority of the most subordinate Class of REMIC III Regular Certificates or Exchangeable Certificates then outstanding (for this purpose considering each Class of the Class A-S, Class B and Class C Certificates together with the portion of the Class PST Certificates representing an interest in the EX XXXXX III Regular Interest bearing the same alphabetic designation), the Special Servicer, the Master Servicer and the Holder of Certificates representing a majority interest in the Class R Certificates, in such priority (and in the case of the Class R Certificateholders, a majority of the Class R